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Look What We're Going Through In Ann Arbor & Washtenaw County !!

Real Estate Broker/Owner with Missy Caulk TEAM

June 23, 2007 03:36 AM

The housing market in Ann Arbor, MI and Washtenaw County continues to show favor to buyers. Our MLS is coordinated by the different areas in Ann Arbor, (nine of them) and in Washtenaw County the MLS is coordinated by school districts.

The areas of Saline, Dexter, Chelsea, Ypsilanti, Ypsilanti Township, Manchester, Milan, Whitmore Lake, and other areas a little further out are separate searchs.

The list price of homes is down 13% from May 2006 to May 2007. With the average list price $217,559. When I became a licensed Realtor in 1995, the average list price was aproximately $269,000.

The average sale price in May 2006 to May 2007, is down 10% with the average sale price $212,623.

The number of closings is down 33% from May 2006 to May 2007. Year to date closings are down 16% from the same time frame last year.

Many areas are back to the prices in 2002. Builders are offering incredible incentives and it is hard for the existing homes, even those priced right to sell. In the last 7 days, 280 Single Family Homes and Condo's have been reduced. In the last 28 days that number is 890 homes and condo's reduced.

Currently there are 352 homes on the market in Ann Arbor, between $175,000 and $250,000.

I remember a time when a home in Ann Arbor in that price range would sell in a month with multiple offers.
I can remember first time home-buyers having to write several offers before they would get their offer accepted.
I remember when a house with ugly brown and orange wall-paper sold in a day and buyers were glad they got it!

In May alone, there was 5.42 months of inventory added to the market.

Search Homes In Ann Arbor

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Conclusion: Now is a great, fantastic, wonderful time to buy a home in Washtenaw County or anywhere in Michigan. This will NOT last forever, we will recover, all economies are cyclical. Ann Arbor and the surrounding areas of Dexter, Chelsea, Saline, Ypsilanti, Ypsilanti Township, Milan, Manchester, Whitmore Lake are great places to live. Here are some good buys right now.

Reduced $30,000 Reduced $20,000 Reduced $12,500.

Reduced $20,000 Reduced $15,000 Reduced $53,9000

Reduced $100,000 Reduced $45,000 Reduced $20,000

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Geordie Romer

Windermere Real Estate / NCW - Leavenworth, WA

Serving Leavenworth, Lake Wenatchee, and Plain

Missy-

Thanks for the great local input on real estate trends around Ann Arbor. What do you think will need to happen for the downward spiral of house prices to turn around in your area? Is it job loss related or just tied to a national trend of cooling markets?

Jun 23, 2007 03:40 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

It is due to the downsizing of the automotive industry since 2001 and Pfizer announcing they were leaving in January.

We need more businesses to move in and bring employees. Toyota is building a R & D Facility here, Google is here, but we need more !!

Jun 23, 2007 03:43 AM

It seems that since it is such a buyers market, some buyers might be hesitant to get in right now. Do you think duplexs or other multi-family properties are a good investment? (Since some might stick with renting.) Do rental properties pencil in Ann Arbor these days?

Jun 23, 2007 03:54 AM

Linda Davis

RE/MAX Home Team - Gales Ferry, CT

Missy, several of those Pfizer folks are moving here to Eastern, CT and they are experiencing sticker shock as the average price is over $300,000 here. Real Estate is always cyclical. The market will bounce back in your area, it always does. Smart buyers should be paying attention to what you have to say!

Jun 23, 2007 04:01 AM

Geordie, properties close to the University of Michigan are fine, they maintain their value and are a hot item anytime. They go pretty quickly;although lasting longer now days.

Linda, I have several friends that are selling there Pfizer homes here in the low 300's and buying in the 500-800 range in the Crotin area. Yes it will come back..........I look forward to the day.

Jun 23, 2007 04:24 AM

Mana Tulberg

805 County Real Estate - Camarillo, CA

Real Estate Agent - Camarillo CA

Missy, I remember a time when homes sold in Camarillo, Ca in one or two days with multiple offers. Times have changed for sure.

Jun 23, 2007 04:48 AM

Paula Henry

Home to Indy Team @ HomeSmart Realty Group - Avon, IN

Realtor - Indianapolis Real Estate - 317-605-4174

Missy - Your inventory and price reductions sounds a lot like Indy. It is a great buyers market. Ohio, Indiana and Michigan seem to always go in the same direction. Unfortunately, most of it is layoffs and changes in the Automotive and manufacturing industry. I know the stats, but wonder sometimes if some of the reaction we have from buyers is based on the National news about Real Estate. We actually have affordable housing with a low income/housing ratio.

Jun 23, 2007 05:22 AM

Mana, guess it's happening everywhere. Those were the days.

Paula, I agree, those three states do go through similiar downturns. I think we will recover by 2010.

Jun 23, 2007 10:00 AM

Jeff Fulgham

T.U.P. Realty - Tupelo, MS

Broker E-Pro ABR

Do you think the market is this way because prices were artificially inflated? I mean a home there that is 250,000 can be bought here for 150,000. Is that same house really worth that much more there than here.

Jun 23, 2007 10:35 AM

Marchel Peterson

Results Realty - Spring, TX

Spring TX Real Estate E-Pro

It looks like a great time to be a buyer in Ann Arbor and you are right it is cyclical. I got in to real estate in 1996 and at that time Houston was still recovering from the oil bust of the 80's. When I first started there were people who were still upside down on their homes. Since that time Houston has diversified and is not so dependent on one industry and that has made a huge difference. Although oil and gas is still big it is not the only game in town.

Jun 23, 2007 11:35 AM

Leigh Brown

Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC

CEO, Dream Maker - Charlotte, NC

I just want to know where you got the cool little graph?

Jun 23, 2007 02:05 PM

Jeff, I know our homes are higher priced, I grew up in the South. I think it is the land prices.

Marchel, we need a new game in town, Right now it is Google, Toyota, and the University of Michigan it's hospitals.

Leigh, I hire a company in Ann Arbor called Big House Data. Todd Waller who blogs here, started the company, and he gets the data from our MLS.

Jun 23, 2007 03:07 PM

Kay Van Kampen

RE/MAX Broker, RE/MAX - Springfield, MO

Realtor®, Springfield Mo Real Estate

Missy, nice update on the market. I remember telling clients that there were only a hand full of homes on the market that met their needs. Today it is quite different.

Jun 23, 2007 03:12 PM

Kay, I miss those days, it was more fun to list a home in Ann Arbor and have a contract in a few weeks, instead of months.

Jun 23, 2007 03:18 PM

Look What We're Going Through In Ann Arbor & Washtenaw County !!

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Missy Caulk

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